Catholic Syrian Bank logs ₹53-cr profit in H1

Gross non-performing assets have come down to ₹463 crore from ₹504 crore and net NPAs to ₹331 crore from ₹405 crore due to the accelerated provisions made by the bank

KOCHI, OCT 26:

Thrissur-based Catholic Syrian Bank has recorded a net profit of ₹53 crore in the first half of 2016-17 against a loss of ₹41 crore in the corresponding period of the previous year.

The operating profit for the first half was ₹95 crore.

According to a bank statement issued here, surge in treasury profits on the back of favourable interest rate movements, effective management of stressed assets, improvement in current account, savings account (CASA) deposits, asset growth and strict control over operating expenses contributed to the profit growth.

Gross non-performing assets (NPAs) have come down to ₹463 crore from ₹504 crore and net NPAs to ₹331 crore from ₹405 crore due to the accelerated provisions made by the bank.

Provision coverage

The provision-coverage ratio has improved from 41 per cent as on September 30, 2015, to 52 per cent as on September 30 this year.

The CASA ratio has improved to 21.03 per cent from 18.64 per cent a year ago.

The capital adequacy ratio has further improved to 10.69 per cent as on September 30 from 10.55 per cent as on March 31 against the RBI stipulation of 9.63 per cent.

Preferential issue

The bank, at its annual general meeting held in September, obtained necessary shareholder approval for preferential issue of capital and has since raised ₹115 crore.

Talks are on with various strategic investors for raising further capital, the statement said.

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